The Jakarta Post
Private lender OCBC NISP Bank officially launched its first private banking service as a part of its strategy to manage repatriated funds from the tax amnesty.
“We want to make sure that the repatriated funds will stay in Indonesia after the three-year lock-up period,” OCBC NISP Bank president director Parwati Surjaudaja said during the launching ceremony of the private banking service in Jakarta on Monday.
“We also hope that the investors, who still have funds overseas, will repatriate their funds. It will contribute to the country’s development,” she added.
According to Capgemini’s 2016 Asia-Pacific Wealth Report, about 48,000 high net worth individuals with a total wealth of US$161 billion are potential customers for the private banking service.
Therefore, OCBC NISP will offer banking service products as well as capital market from OCBC Group as options for wealthy people to invest their funds, Parwati said, adding that for the initial phase, the bank aimed to acquire 100 customers this year.
The private banking service, she said, was different from the premier banking service, particularly in the scale of the funds: The amount of funds for the premier banking service ranges between Rp 500 million (US$37,602) and Rp 10 billion, while for the private banking service, the funds should eclipse Rp 10 billion. (ecn/bbn)